Monday, March 2, 2009

Credit Card companies are going to make YOU pay for the bad economy

as many of you probably know by now that many credit card companies have decided to raise their rates on their customers and it doesn't matter if these people always paid their bills on time.

wondering why credit card companies are jacking up their credit card rates on you. It sure isn't because of raising interest rates because those where dropped near zero in December.

The reason the credit card companies are giving is that they are raising rates because so many people are not paying their credit card bills in this bad economy. So they are doing this to cover themselves or in other words you are being forced to pay more money on your credit card bill because someone else couldn't pay their bill (though I'll doubt we'll see people crying about that in the same way the cry over the government trying to help people that are having trouble paying their mortgage)

a big irony in this move is that by raising their rates they may insure that more people wont be able to pay of their credit card bills.

the truth is that credit card companies are raising their rates because they can. the majority of us have became over dependent on them and don't think we can get by with out it. and the laws are currently in the credit card companies favor. If you file for bankruptcy you may get out of paying a number of people but you will still have to pay off your credit cards. if you decide to close your account, your credit score will be lowered.

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